Co-operative Bank names McLachlan as CEO, profit falls

The Co-operative Bank, formerly known as PSIS, appoints new chief executive, announces $200,000 profit drop. 

BUSINESSDESK: The Co-operative Bank, formerly known as PSIS, has appointed Bruce McLachlan as its new chief executive. 

The bank announced a fall in full-year profits.

Mr McLachlan, a senior business and personal banking teams leader, will take over from acting chief executive Gareth Fleming.

The appointment is subject to approval by the Reserve Bank.

The bank's former chief executive, Girol Karacaoglu, left to become a deputy secretary at Treasury on March 1. 

Mr Fleming will return to his role as general manager of marketing and products.

Profit fell $200,000 to $7.4 million in the 12 months ended March 31. Sales increased $5.4 million to $129 million.

“Although the bank’s pretax operating profit of $6.6 million is down on the previous year, we’re pleased with the result, as the reduction in profit is primarily due to the one-off costs associated with bank registration and re-branding as The Co-operative Bank,” chairman Steven Fyfe said.

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